Legal & General Group Plc Sells 42,118 Shares of Rambus, Inc. $RMBS

Key Points

• Legal & General Group Plc reduced its Rambus stake by 19.2% in the fourth quarter, selling 42,118 shares and ending with 177,596 shares valued at about $16.3 million.
• Insider selling continued, with directors Meera Rao and Emiko Higashi both selling shares recently; insiders sold a total of 59,850 shares worth about $8.46 million over the past 90 days.
• Rambus beat quarterly expectations, reporting EPS of $0.63 versus $0.61 expected and revenue of $180.19 million, while analysts currently hold a Moderate Buy consensus with an average price target of $130.43.

Legal & General Group Plc trimmed its position in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 19.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 177,596 shares of the semiconductor company's stock after selling 42,118 shares during the period. Legal & General Group Plc owned 0.16% of Rambus worth $16,319,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of RMBS. NewEdge Advisors LLC boosted its holdings in Rambus by 22,321.4% in the 1st quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company's stock valued at $488,000 after purchasing an additional 9,375 shares during the period. Empowered Funds LLC boosted its holdings in Rambus by 34.1% in the 1st quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company's stock valued at $1,178,000 after purchasing an additional 5,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Rambus by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company's stock valued at $16,025,000 after purchasing an additional 19,120 shares during the period. Acadian Asset Management LLC bought a new position in Rambus in the 1st quarter valued at $218,000. Finally, Quantbot Technologies LP bought a new position in Rambus in the 2nd quarter valued at $102,000. 88.54% of the stock is owned by institutional investors.

Insider Buying and Selling at Rambus

In other news, Director Meera Rao sold 2,972 shares of the company's stock in a transaction on Friday, April 24th. The shares were sold at an average price of $150.30, for a total value of $446,691.60. Following the completion of the sale, the director owned 19,974 shares of the company's stock, valued at approximately $3,002,092.20. This represents a 12.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Emiko Higashi sold 5,000 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $157.57, for a total transaction of $787,850.00. Following the sale, the director owned 59,519 shares of the company's stock, valued at $9,378,408.83. This represents a 7.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 59,850 shares of company stock worth $8,464,046 over the last 90 days. Company insiders own 0.75% of the company's stock.

Rambus Stock Performance

Shares of Rambus stock opened at $147.48 on Tuesday. Rambus, Inc. has a 52-week low of $53.10 and a 52-week high of $161.80. The stock has a market capitalization of $15.95 billion, a price-to-earnings ratio of 70.23 and a beta of 1.84. The company has a fifty day moving average of $119.61 and a 200-day moving average of $106.19.

Rambus (NASDAQ:RMBS - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.02. Rambus had a net margin of 31.90% and a return on equity of 17.41%. The company had revenue of $180.19 million during the quarter, compared to analysts' expectations of $179.94 million. On average, equities research analysts forecast that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Evercore reissued an "outperform" rating and issued a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Jefferies Financial Group raised their price target on shares of Rambus from $120.00 to $145.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Susquehanna cut their price target on shares of Rambus from $100.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, February 3rd. Wells Fargo & Company increased their price target on shares of Rambus from $115.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Finally, Robert W. Baird lowered shares of Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 price target on the stock. in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $130.43.

Rambus Profile

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.

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